Chris Skinner
APRIL 8, 2020
As usual, during this period of pandemic, there’s been a rollercoaster of events for those of us involved in financial markets. We’ve seen global stock indices drop dramatically, cryptocurrency going up and down faster than Donald Trump’s spin doctoring, and everyone feeling there’s little joy out there economically, financially or … The post Time to buy bitcoin?
Payments Dive
APRIL 7, 2020
The economic fallout of COVID-19 has increased demand for real-time payments by small business and consumers as revenue sources begin to dry up and consumers and businesses face deadlines for bill payment and essential goods.
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Bank Innovation
APRIL 8, 2020
Banks are feeling the pressure of small businesses nationwide applying for Paycheck Protection Program loans. With the launch of the Small Business Administration’s program Friday, bankers are engineering the best ways to handle the customer service inquiries flooding banks’ digital channels. “We dove headfirst into this,” said Becky Buhr, vice president of finance and retail […].
PYMNTS
APRIL 10, 2020
A new IRS portal for coronavirus relief payments has been launched in conjunction with the U.S. Treasury to assist people who don’t typically file taxes. . The non-filer tool can be used by U.S. citizens and resident aliens who are not claimed as dependents and had gross income below $12,200 ($24,400 for married couples) in 2019, according to the IRS site.
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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper
Chris Skinner
APRIL 4, 2020
I wouldn’t usually blog on a Saturday, but these are exceptional times and these are exceptional ideas. I’ve already seen some incredible innovation from start-ups looking to help those in need. For example, I listened to the ideas of Curl on Thursday who are running a campaign to Save Our … The post Are the big banks failing the people? appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 10, 2020
One week after the Small Business Administration launched its Paycheck Protection Program, banks and fintechs alike are still navigating best practices to get funding into the hands of small business clients. As COVID-19 continues to rattle the economy, startups are launching new products and features to engage customers. The week’s news wasn’t confined to coronavirus-related […].
PYMNTS
APRIL 10, 2020
The coronavirus pandemic poses an unprecedented challenge to healthcare systems that will likely extend for months — and perhaps even years — to come. More than ever, hospitals and other medical facilities need to focus their resources on healing the sick and avoid getting bogged down by administrative costs and inefficiencies. This brings a longstanding challenge to the fore: Healthcare organizations have long struggled with fraud, waste and abuse (FWA), costing the United States healthcare sec
Chris Skinner
APRIL 6, 2020
Today is the day that Doing Digital, my newest book, is finally live on Amazon and all good book stores. It’s the result of two years primary and secondary research and, to pay it its due, has been featured in many interviews with me recently. I’ll share many of them, … The post How JPMorgan Chase, BBVA, ING, DBS and CMB are doing digital appeared first on Chris Skinner's blog.
Abrigo
APRIL 4, 2020
Key Takeaways Friday's rollout of the PPP program was met with confusion, frustration, and glitches. E-Tran has been the subject of many frustrations. New lenders must follow a two-stage process to set up access to E-Tran. Current lenders may not be able to log in to E-Tran because they forgot their E-Tran credentials or their login expired. There are several steps these users can take to troubleshoot.
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In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202
Bank Innovation
APRIL 8, 2020
Fintechs will likely have a tough time securing funding as the coronavirus pandemic continues to shake up the U.S. economy, prompting investors to tighten purse strings. Fintech funding has been on a downward trajectory for several months, but startups and others in the sector should brace for an even rockier quarter as coronavirus delivers its blows in both the short and long term, according to industry analysts. […].
PYMNTS
APRIL 10, 2020
Intimidated by the scale and cost of a massive technological overhaul, large financial institutions (FIs) may approach their digital transformation (DX) journeys gradually, targeting various areas of operations to modernize one-by-one. While this strategy can yield results, it can also create silos, hampering a bank’s ability to achieve one of the most vital goals of DX: seamless integration of operations that boost efficiency and improve the end-user experience.
Chris Skinner
APRIL 5, 2020
It’s interesting that governments around the world have announced huge stimulus packages to protect workers, small businesses and life in general. Trillions of dollars. Great. The reality is that no one is getting it. You see these announcements and try to get hold of the bank to get the stimulus. … The post The ugly, the bad and the good appeared first on Chris Skinner's blog.
Accenture
APRIL 8, 2020
More than five years after the launch of Apple Pay and four-plus years after the US POS liability shift for EMV, the US market finally appears set to fully embrace contactless payments. To date, consumer adoption of contactless payments (also known as tap-to-pay, or dual-interface EMV) has been inhibited by low penetration of contactless technology….
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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
Bank Innovation
APRIL 10, 2020
The technological upgrades Happy State Bank made prior to the COVID-19 crisis has helped the lender service and onboard customers digitally and deploy its own SBA Paycheck Protection Program platform in a matter of days, CEO J. Pat Hickman told Bank Innovation. As of Friday afternoon, the Amarillo, Texas-based bank had received more than 1,250 […].
PYMNTS
APRIL 9, 2020
The COVID-19 pandemic has triggered an unprecedented wave of business closures, placing millions out of work with no telling when they will be back to business as usual. It has also exposed and exacerbated a deeper, more structural problem with the United States economy that has been looming just beneath the surface for some time: A large portion of Americans are living hand-to-mouth and have almost no savings.
Chris Skinner
APRIL 7, 2020
I’ve spent my life in an economy that focuses upon money, greed, growth and profit … what was that all about? We are suddenly living in a world where everyone is being told to stay home and do nothing … and get paid for it. Well, if you’re in a … The post What happened to capitalism? appeared first on Chris Skinner's blog.
Gonzobanker
APRIL 8, 2020
Financial institutions must help digital-first buyers with meaningful content. Here’s how to do it. As the old “why our stuff is best” sales-pitch falls on deaf ears for digital-first buyers, bank and credit union leaders have slammed into overdrive in their efforts to respond to the industry’s non-negotiable demand for entirely digital delivery. As The Financial Brand’s Steve Cocheo points out , poor digital sales are the result of weak content.
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
Bank Innovation
APRIL 10, 2020
The COVID-19 crisis is taking its toll on the personal loan industry. According to data from LendingTree, the publicly traded online lending marketplace, personal loan inquiries on its marketplace hit calendar-year lows at the end of March, with loans for vacation and wedding expenses plummeting sharply.? “As no one knows when travel will be open […].
PYMNTS
APRIL 10, 2020
A quick recovery may be in the cards. But so might a “false start.”. Thursday morning, the U.S. Federal Reserve said that it had launched a multi-trillion dollar lending program that targets smaller businesses, and in a broadened salvo, targets local governments, too. It’s all meant to shore up the U.S. economy, as the fallout from the coronavirus continues.
Chris Skinner
APRIL 9, 2020
The non-stop coverage of coronavirus, global markets slumping, an economic armageddon, the end of the world due to a climate emergency, the melting of the Arctic and Antarctic ice, rising of the oceans, weather fatalities, a farce of a US election, the UK and EU in a stand-off over Brexit, … The post Always look on the bright side of life appeared first on Chris Skinner's blog.
Payments Source
APRIL 6, 2020
It was less than three months ago, though it seems like a lifetime. Mastercard CEO Ajay Banga welcomed progress in the trade dispute between the U.S. and China, but with caveat. The good news wouldn't last if the coronavirus became a pandemic.
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Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.
Bank Innovation
APRIL 9, 2020
Neobank Upgrade today debuted two product launches for contactless payment that were initially slated for fall release, prompted by the COVID-19 crisis and social distancing measures. Upgrade customers can now order a credit card with a chip that enables contactless transactions, said Renaud Laplanche, co-founder and CEO of Upgrade. Customers can hover their cards over […].
PYMNTS
APRIL 9, 2020
A deluge of chargebacks is headed toward the payments industry, spurred by the coronavirus, as all areas of the global economy have been upended. In an interview with Karen Webster, Johan Gerber, executive vice president of cyber and security products at Mastercard , said that many companies are being inundated with disputes and cancellations, and with demands to refund consumers’ money — a trend that will branch out from travel and leisure verticals and into other segments.
Chris Skinner
APRIL 8, 2020
Things we’re reading today include … Fraudsters likely to target furlough scheme, says HMRC chief Union calls for cash payment ban on UK buses over coronavirus Virus could push half a billion people into poverty Why a lot of startups will come to regret their unicorn status How sick might … The post Things worth reading: 9th April 2020 appeared first on Chris Skinner's blog.
Payments Source
APRIL 5, 2020
The potential for fraud fueled by the coronavirus pandemic, coupled with the anticipation of a $2 trillion stimulus, is creating such a lucrative opportunity for scammers that Visa and the Secret Service are predicting a wave of unprecedented levels of fraud.
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The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.
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